RATE OF TDS
This query is : Resolved
Sutanu Biswas
(Querist)
31 January 2011
When TDS is applicable for rent and contractual business?
Sunil Kr. Sanganeria
(Expert)
31 January 2011
Rent is covered u/s 194 I of the Income Tax and The Tax is required to be deducted where amount paid exceed 120000/- during financial year.The rate is
rate is:
Rent of P & M 2%
Others 10%
Contractual Business is covered u/s 194C of the IT Act. The Tax is required to be deducted where amount paid exceed 30000/- in a single payment or Rs. 75000/- in the aggregate during financial year.The rate is
Payment to Individual/ HUF 1%
Others 2%
rate is:
Rent of P & M 2%
Others 10%
Contractual Business is covered u/s 194C of the IT Act. The Tax is required to be deducted where amount paid exceed 30000/- in a single payment or Rs. 75000/- in the aggregate during financial year.The rate is
Payment to Individual/ HUF 1%
Others 2%
Sutanu Biswas
(Querist)
31 January 2011
IN RENT(U/S 194 I) WHEN IT IS 2%
PLEASE BRIEFLY WITH EXAMPLE.
PLEASE BRIEFLY WITH EXAMPLE.
Sunil Kr. Sanganeria
(Expert)
31 January 2011
Its clearly mentioned in my answer 2% if you take Plant & Machinery on rent
31 January 2011
The min payment for rent has been increased to Rs 1,80,000 per annum by Finance Act 10.
No Deduction is required is payment is made BY Individual or HUF
No Deduction is required is payment is made BY Individual or HUF
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